SIMEC Atlantis Energy (SAE) has successfully secured the final £1.25m payment from its agreement with EL (Uskmouth) Limited, marking another step forward in its ambitious battery development initiatives. This payment underscores SAE’s ability to deliver on transformative energy projects while advancing its strategy to become a leader in sustainable development.
In 2023, SAE entered into a landmark agreement to sell freehold land at Uskmouth Sustainable Energy Park to EL, a subsidiary of FPC Electric Land, for a total gross consideration of £9.8m, tied to specific project milestones. The site is pivotal for the development of a 460MWh battery energy storage project, overseen by Uskmouth Energy Storage Limited. Notably, the sold land constitutes just a fraction of SAE’s extensive holdings at the Uskmouth site, leaving ample opportunity for further battery projects to be realised.
The final milestone payment, received on 20 January 2025, was triggered by the successful delivery of 10 per cent of the batteries for the 460MWh project. This follows a series of prior payments: £5m in March 2024, £2m in May 2024, and £1.5m in November 2024. The cumulative revenue generated through this agreement has provided SAE with crucial funding to advance its portfolio of battery storage projects, both at Uskmouth and its Mey site in Scotland.
Graham Reid, CEO of SAE, commended the teams involved, stating that reaching this significant milestone reinforces the company’s vision of unlocking the potential of one of the UK’s most exciting battery storage sites. SAE remains focused on executing its growth strategy as a developer, owner, and operator of sustainable energy projects.
SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal stream energy project.
